Virgopay will be a cross-border remittance network that integrates Stablecoins to reduce transfer fees and speed up transactions.
Virgopay, which is set to be released in May, will use Valuta as its default payment tier, increasing the reliability and efficiency of international payments, according to a release shared with Crypto.news.
Virgopay will allow you to fund your transfers through traditional payment methods, such as bank transfers, electronic transport, card processing, or directly through crypto wallets.
Stablecoins act as intermediaries, allowing for near-instant transactions and reducing fees by up to 70% compared to traditional money transfer services.
“Counter border payments are expensive, slow and often require access to banks that are lacking in some areas,” said Yves La Rose, CEO of the Vaulta Foundation. “Virgo is working on this by leveraging stubcoin and demonstrating the power of Valuta’s Web3 Banking OS.”
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Financial Accessibility via Stablecoins
This partnership is consistent with Virgo’s mission to improve financial accessibility.
“Stablecoins for Payments will be the first killer app for distributed ledger technology,” said Adam Cai, CEO of Virgo. “Virgopay is excited to partner with Vaulta to make the global money movement seamless.”
Phase 1 of Virgopay’s deployment connects financial hubs in the US, Canada, Hong Kong, Argentina, Brazil and Australia.
The second phase will expand the network to South America, Southeast Asia and the Middle East, covering a $1 trillion remittance market by 2029.
The former EOS network, Valuta continues to expand its financial infrastructure solutions, with additional partnerships expected to be announced soon.
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